|2206 Harriman Ln Redondo Beach CA|
Yes, the inventory is as low as it appears to be with North Redondo Beach having far fewer homes for sale than South Redondo Beach. Hermosa Beach and Manhattan Beach seem to be increasing listings with only the lowest priced offerings getting multiple offers. Not so in North Redondo Beach where anything under $800K will most likely get a half a dozen offers or more and be bid up.
Here's some observations.
- This does not continue indefinitely with an endless run up in prices. Many of the buyers looking today are Manhattan Beach or Westside renters who have figured out that they can own in 90278 for what they are paying in rent elsewhere. At some point they simply say no and that point may be closer than we think.
- At some point, which may only be weeks from now, more homeowners say "I want to take my money off the table and move on" and the inventory increases. This is particularly true for those who bought at the height, were underwater and held on. They may have now been in a home for 10 years that under normal circumstance they would have sold 5 years ago.
- Interest rates will go up suppressing prices. Yes, we've been saying that for a while now but it will happen. Not sure when but the effect will be even more demand than previously, most likely more inventory and then price stabilization.
I'm often asked why so many Redondo Beach listings hit the MLS on Wednesdays or even Thursday.
Great question. Here's what's going on.
Thursday is the day in Redondo Beach that we have the Broker's Open house tour meaning that new listings are available for agent entry between 12-2. Why Thursday? Other than it is "garbage day" on many streets who knows. I guess if the house looks good with all the garbage cans lined up outside it will look better at the weekend open house when they are not there. Probably just tradition.
So many agents now play the game of timing their listings for Thursday. Why? I guess they want to show fewer days on market or maybe snare a buyer who sees the OH on a website and comes by and they double pop it. Or just to answer the question on the weekend when people come in "how long has it been on the market?".
In any case I don't think that listing on Thursday really helps the seller. In most instances, you want the maximum, not minimum exposure to the market. I say most because there are times when a family just doesn't want that much traffic coming through.
In fact, in some Westside neighborhoods they may sure the property is exposed to the market for at least 2 weekends so that the buyer willing to pay the highest price may emerge. I'm not sure if that's necessary because listings are hottest the first 7-10 days with everyone walking around with their mobile app.